Well, that's a scary story! Fortunately, it is not that common. Dealing with this situation at any time in your life would be difficult but when you are in your 90s?? E gad, hopefully not me.

@mymayoremote Thank you for sharing. While this sort of insolvency is not the norm, it IS definitely still a great reminder to be very very very careful in selecting a retirement home and the services.

Which particular retirement home to choose and what plan to choose is a decision full of traps - because the industry is not sufficiently regulated by government to stop unfair contracts.

Those who can afford to take legal advice should seek it. All should in any event make as many enquiries as possible.

Such a tough decision to make emotionally to move out of home made so much harder by dealing usually with a hungry profit driven industry

In addition to my post above, I have since written to three retirements homes I had considered (cash deposits at two) requesting specific financial information and related data and I also included a printed copy of the New York Times article…NONE have replied or even acknowledged my request. My next communication with these retirement homes (all big names) will be a request for the return of my deposit.
Stay tuned and I will disclose specifically “who” didn’t respond and/or comply.